As Saudi Arabia aims to enhance its investment landscape, foreign property buyers can now explore new opportunities for securing the Kingdom’s premium long-term residency. This significant shift allows non-Saudis to purchase property in designated areas under a unified national framework, effective from January 21. The introduction of this property-linked pathway, alongside the existing premium residency program, indicates the Kingdom’s commitment to attracting international investors and settlers.
The Real Estate Owner Residency is overseen by the Saudi Premium Residency Centre and is designed for foreigners who possess qualifying residential properties in the Kingdom, in line with established program criteria.
To be eligible, applicants must own or have usufruct rights to residential property in Saudi Arabia valued at a minimum of SAR4 million (approximately US$1.07 million). The property must be developed, utilized for residential purposes, and free from any existing or prospective mortgages. Note that undeveloped or vacant land does not meet the requirements.
The property’s valuation must be conducted by an appraiser certified by the Saudi Authority for Accredited Valuers, known as Taqeem, to ensure compliance with the minimum value standard.
Residency secured through this route is intrinsically linked to the ownership or usufruct rights of the qualifying property. Additionally, applicants need to remit a one-time fee of SAR4,000 (roughly US$1,067). This residency status remains valid as long as the property upholds the eligibility criteria.
What Premium Residency Enables
Premium residency opens doors to a broader range of freedoms compared to traditional residency options in Saudi Arabia.
Holders may reside in the Kingdom with their family members, including parents, spouses, and children under 25. They can travel in and out of Saudi Arabia without the hassle of additional visa requirements and are exempt from fees typically imposed on expatriates and their dependents.
Moreover, premium residents are allowed to work in the private sector and switch employers without needing sponsorship. This applies to eligible family members as well. They also have the ability to engage in business activities aligned with Saudi Arabia’s Investment Law and can obtain visit visas for relatives.
Additional perks include access to dedicated airport pathways usually reserved for Saudi citizens, underlining the program’s focus on fostering long-term residency rather than temporary stays.
It’s important to note that residency status is tied specifically to ongoing ownership of the qualifying property. Should the property be sold or fail to meet the program’s standards, residency status may be impacted.
The introduction of Saudi Arabia’s new foreign property ownership law has rekindled interest in the property-linked residency option.
This legislation permits non-Saudis to acquire residential, commercial, industrial, and agricultural properties in designated zones across the Kingdom. Although these zones have yet to be clearly defined, this reform represents a significant departure from the restrictive framework in place since 2000.
Applications should be submitted via the Saudi Premium Residency Centre’s official platform. As eligibility criteria may evolve, applicants are encouraged to verify that their property ownership, valuation, and documentation comply with the current requirements when applying for Saudi Arabia’s premium long-term residency.